New income tax bill 2025 explained | Key changes in the bill as compared to Income tax act 1961

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In this video, we delve into the significant changes introduced in the New Income Tax Bill 2025, comparing them with the existing Income Tax Act of 1961. The New Income Tax Bill 2025, recently introduced in Parliament, aims to simplify the tax regime and reduce compliance burdens.

Key Highlights:

Simplified Structure: The new bill reorganizes chapters with updated numbering and terminology, reducing the number of sections by approximately 25-30% to enhance clarity.

Introduction of 'Tax Year': Replaces the concepts of 'Assessment Year' and 'Financial Year' with 'Tax Year,' aligning it from April 1st to March 31st.

Redefined 'Accountant' Role: Specifies that an 'Accountant' refers exclusively to a Chartered Accountant, particularly concerning tax audits.

Revised Income Tax Slabs: The basic exemption limit is raised from ₹3 lakh to ₹4 lakh, with new slabs introduced up to ₹24 lakh, and a standard deduction of ₹75,000.

Enhanced Compliance and Digital Monitoring: Empowers the Central Board of Direct Taxes (CBDT) to establish tax administration rules and implement digital monitoring systems without frequent legislative changes.

Taxation of Virtual Digital Assets: Classifies virtual digital assets uncovered during searches as 'undisclosed income,' similar to money, bullion, and jewellery.

For a detailed breakdown of these changes and their implications, watch the full video. Stay informed about how the New Income Tax Bill 2025 may affect your financial planning and compliance requirements.